The ice hockey equipment market is projected to grow at an impressive CAGR of 6.4% in terms of value through the period of forecasting between 2020 and 2030. The report suggests that the growth of the market is majorly attributed to the rising popularity of the sport in developed economies and the subsequent demand for equipment.
On the other hand, the unforeseen outbreak of COVID-19 has brought all sporting activities to an abrupt halt, thereby hindering the smooth growth trajectory of the market.
Ice Hockey Equipment Market – Key Takeaways
Helmets remain the most sought-out equipment, owing to a high emphasis on safety, and will create a revenue opportunity of US$ 365 Mn between 2020 and 2030.
- Ice hockey skates will account for nearly 25% of the overall market share by the end of the forecast period.
- Although hockey products stores will remain the leading sales channel, rising at a CAGR of 5.9% through 2030, the online sales segment is expected to emerge as a lucrative sub-segment during the forecast period.
- Based on the type of buyers, institutional buyers are anticipated to capture nearly half of the total market value backed by bulk purchases.
- The individual buyers segment is forecasted to bestow an absolute revenue opportunity of US$ 186 Mn during the assessment period.
- North America, led by the US, will reign supremacy over the regional landscape, on the back of the high popularity of the sport.
- The US region is forecasted to expand at a CAGR of 6% and create an absolute opportunity of US$ 290 Mn through 2030.
- Europe and the Asia Pacific will collectively hold remarkable share with the latter registering higher growth ascribed to rising spending on leisure and recreational activities.
Ice Hockey Equipment Market – Driving Factors
- High spending power and consumer interest in recreational activities in developed regions have made ice hockey an ideal leisure activity due to the physical exercise it offers, thus propelling demand for equipment.
- Changes made by NHL with respect to the size of leg pads are mandating the purchase of new equipment that abides by the updated regulations.
- The emergence of e-commerce has proven mutually fruitful for manufacturers and consumers by making the sales process convenient and time-saving.
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Ice Hockey Equipment Market – Constraints
- A higher risk of injuries is limiting the participation in sport to a certain extent which, in turn, is posing a challenge to market growth.
Anticipated Market Impact by Coronavirus Outbreak
In the wake of COVID-19, several governments across the world have put non-essential activities on a hold, thus negatively impacting the sports sector. On this premise, numerous sports activities including ice hockey have been terminated.
This has led to a steep decline in demand and the downtrend is expected to last through 2020.
On the supply-side, factors such as halted productions, operations with a limited workforce, and supply chain disruptions have emerged as severe challenges to market players.
On the back of these factors, uncertainty prevails over the complete revamp of the market.
The key players operating in the ice hockey equipment market include, but not limited to, Don Simmons Sports, Inc., Sport Maska Inc., Montreal-Tackla Hockey Company, Easton Hockey, Inc., Bauer Hockey, Inc., Roces Srl, Franklin Sports Inc., Graf Skates AG, Sherwood Athletics Group Inc., and New Balance, Inc.
Manufacturers are focusing on improving the safety coefficient of products while changing regulations continue to influence product designs.